Class will receive a direct-connect data feed from HSBC savings, transaction and term deposit accounts in its wealth accounting software for SMSF and non-SMSF portfolios.
According to Class, the data feed enables the automation of data entry, increases efficiency and improves productivity for accountants and advisers managing client portfolios, while HSBC offers a variety of savings and transaction accounts for everyday banking.
Class chief executive Kevin Bungard welcomed the partnership, stating it would improve SMSF administration for funds with HSBC accounts, and increase foreign asset support in Class.
“The need for accountants to support SMSFs investing internationally is a continuing trend,” Mr Bungard said.
“HSBC’s offering is a great example of the products that SMSF trustees are taking up and Class is thrilled to add them to our data feeds list.”
HSBC head of wealth Scott Ellis was also optimistic, stating the bank was “pleased to be working with Class to bring a much needed and simple foreign exchange account solution for SMSF clients and accountants".